* Present participle (verb): This is the most common use. It's the -ing form of the verb "lead." Example: "She is leading the team to victory."
* Adjective: This means "most important, significant, or influential." Example: "The leading candidate is expected to win."
* Gerund (verb): This is the -ing form of a verb used as a noun. Example: "Leading the team is a big responsibility."
To determine the correct part of speech for "leading," you need to look at how it's used in the sentence.